WTI crude oil climbs off the floor in rise back above $66

The commodity pain ebbs

The early story today was the rout in gold and silver but it later recovered. Then the pressure was on oil as worries mounted about Chinese demand.

WTI crude fell as low as $65.15 but it has climbed back to $66.48. That's still a long ways from the opening levels just below $68 and Friday's intraday high of $70.17 but it's a sign of life.

The last time oil was down here, physical buyers stepped in and took it back higher but a repeat won't be quite as easy, especially if China demand truly flags.

If oil can steady here and bounce to $68, then there is a good case that we're in a periods of consolidation in the $64-$76 range.

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August 10, 2021 at 01:53AM
Adam Button
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